A personal loan is an unsecured loan which you can avail to deal with any type of financial emergency. Once your application is reviewed and approved, the personal loan disbursal happens instantly. Provided you have linked your bank account and set up auto-pay, the money will be transferred directly to your bank account. In this blog, we will discuss the important details of the personal loan disbursement process.
To minimise the personal loan disbursement time after approval, follow the steps below:
The disbursement time for personal loans after approval can vary from one lender to another. The following table gives an approximate estimate of the time taken by some prominent lenders for personal loan disbursement after approval.
|Financial Institution||Personal Loan Disbursement Time|
|Navi||Usually within 5 minutes of approval|
|HDFC Bank||10 seconds for HDFC Bank customers with pre-approved offers. Up to 4 hours for others.|
|Bajaj Finserv||Can take up to 1-2 working days|
|ICICI Bank||Up to 1-2 working days from the time of approval|
|Yes Bank||Within a few hours|
|IndusInd Bank||If all details are correct, disbursal takes up to 6 hours. Otherwise, it may take 1 to 2 days.|
|Tata Capital||Up to 72 hours|
|Fullerton India||Usually within half an hour of approval. However, in some cases, it could take a longer|
|Standard Chartered Bank||Usually within 4 to 7 working days of receipt of all the necessary documents|
|State Bank of India||Processing, approval, and disbursal could take between 2 and 3 working days. However, it could be slightly longer in some cases|
Getting a Personal Loan was never this easy, but the disbursement process could take a longer time. So, if you want a hassle-free experience, you can apply for Navi Instant Personal Loan up to ₹20 Lakh at an affordable rate of interest at 9.9% p.a., with flexible EMI options starting from 6 months up to 72 months. To get started, download the Navi App right now!
Personal loans are 100% collateral-free unsecured loans. So, there is no need to mortgage any collateral against the loan.
No. You are not required to submit any physical copies of your documents. You only need to upload the PAN and Aadhar on the Navi app to apply for the loan.
The loan amount will be disbursed instantly once all the required details/ documents are entered and uploaded on the Navi app. If your personal details are correct and you meet the eligibility criteria, the loan will be disbursed in 20 minutes directly into your account.
The timeline is different for different lenders. However, with Navi’s, you can get a loan in minutes.
Existing bank customers can use their net banking accounts to track the status of their loan applications. To check the status of your application, log in to your account and click on the Loans section. With Navi, you can track your loan details through the Navi app.
For any financial queries, including a Personal loan, a person can verify the loan status by calling the customer service numbers. You can also speak with the officer in charge of the branch where you applied for a personal loan regarding the status of your application.
Your Loan ID is a three-digit number that indicates the sort of loan you have (new vehicle, adjustable-rate mortgage, line of credit, etc.). Your Loan ID is not the same as your Account Number.
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